Friday, December 28, 2012

"S&P 500 Snapshot: Down 1.94% for the Week, But the VIX Soars" (SPY; VXX)

Doug Short does the honors.
From Advisor Perspectives:

The S&P 500 fell at the open and churned through the day on
predictable Cliff rumors. The one that seemed to have the biggest impact
came late in the day: To wit, President Obama is not making any new offers
on resolving the December 31st cliff dive. The index accelerated its
selloff in the final thirty minutes of trading to close with a loss of
1.10% for the day. That puts us at -1.94% for the week and -0.94% for the month so far.

We'll take a look at what the VIX did today (the biggest mover at the close). But first, here is an hourly chart of the month of December, with one day to go.

Actually the failed Santa Rally was a portion of a larger rally that
began after on November 16th following the post-presidential election
selloff. The market is still well above that starting point....MORE